HOUSING LOAN - Land / Building / Commercial Shopping Mall

Are you need of Home Loan for :
- Construction of building on land already owned
- Purchase of ready built house
- Purchase of Flats/Apartments under construction
- Purchase of Flats/Apartments already completed
- Renovation and extension of the existing building

Apply for Housing Loan if you belong to this category :
- Salaried Individual
- Self – Employed Individual
- Professionals
- Businessmen
- Other-individuals having regular and stable source of income.
Loan Limit :
- Loan amount maximum: 70% of the cost of the property (including the cost of the land).
- Maximum amount available as per requirement.

Documentation:
Applicable for all applicants
- Recent photograph of applicant’s and joint applicant with signature on the back
- Copy of citizenship/passport
- Copy of appropriate drawings of proposed construction/purchase
- In case the project has already commenced, a few photographs of the unit under construction.
- Agreement for sale/ sale deed/detailed cost estimate from architect/engineer for the property to be purchased/constructed.
- Allotment letter of the Municipality/VDC.
- If an individual is in his present employment/business or profession for less than a year, details of his occupation for previous five years, giving position held reasons for change to be submitted.
Incase of Employed
- Latest salary slip/salary certificate showing all deductions.
- If in case job is transferable, permanent address where correspondence relating to the application can be mailed.
Incase of self-employed
- Balance Sheets and Profit & Loss Accounts of the business/profession along with the copies of Individual Income Tax/Vat Returns for the last three years certified by an Auditor.
- Registration certificate, tax renewal certificate or PAN card, Memorandum and Articles of Association (for Pvt./Public Ltd. Company), Partnership deed (for partnership firm).
- A note giving information on the nature of business/profession, form of organization, clients, suppliers, etc.
- Appropriate Board Resolution (for Pvt./Public Ltd. Company and Institutions)

Interest Rate:
- The interest rate will be fixed between 14% to 15% p.a. Initially, 15% p.a. and after one year 14% p.a. but at the discretion of the Finance company depending upon the repayment behavior.
Loan Period:

- Maximum up to 10 years.

Service Charge:
- A service charge of 1.50% of the loan amount applied for is payable only one time on approval of the loan.
Repayment:
- Repayment of loan can be in Equated Monthly Instalments (EMIs) comprising principal and interest which is to be fixed according to the Nepalese calendar.
- Grace period not exceeding one and half years depending upon the situation.
- No interest capitalization.
Security:
- Registration Mortgage over land and building to be financed.
- Comprehensive insurance endorsed to the Finance Company.
- Personal guarantee, if required.
- Pledge of additional collateral if needed.

Insurance:

- All assets mortgaged or hypothecated to the Finance Company as securities have to be adequately insured against all risk, with an insurance company acceptable to the Company, with Banker’s clause in our favor. Incase the insurance policy is not submitted in time, the FI may at its sole discretion insure the securities and debit insurance premium from the clients current account or by creating additional Loan account.